Cardano ($ADA) Leads Major Altcoin Gains as Crypto Market Nears $2 Trillion

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Cardano ($ADA) Leads Major Altcoin Gains as Crypto Market Nears $2 Trillion
Cardano ($ADA) Leads Major Altcoin Gains as Crypto Market Nears $2 Trillion

Cardano ($ADA) has gained almost 8.6% in the previous 24 hours, making it the best-performing altcoin during that time frame, at a time when the overall market value of the cryptocurrency ecosystem has surpassed $2 trillion for the first time.

According to CryptoCompare data, ADA is outperforming most other popular cryptoassets, with Bitcoin ($BTC) up 4% and Ethereum ($ETH) up 2.6 percent in the previous 24 hours. Binance’s $BNB has performed similarly to ETH, while the $XRP token has increased by 3.7 percent during the same time period.

Top Performing Cryptos

Avalanche ($AVAX) is down 2% during the same time period, while Terra ($LUNA) is down nearly 3%. Solana ($SOL), which is up 3.6 percent, and TRON ($TRX), which is up 2.74 percent, are two of the best-performing crypto assets with smaller market capitalizations.

In terms of meme-inspired cryptocurrencies, Shiba Inu ($SHIB) has gained about 2% in value, while Dogecoin ($DOGE) has gained 3.3 percent. Most cryptocurrencies are rising at a time when Bitcoin has been unable to break past the $44,500 barrier for several weeks due to the ongoing armed crisis in Ukraine and an increasingly hawkish tone from Western central banks, particularly the Federal Reserve.

As a result of the rise of these assets, the total market capitalization of all cryptocurrencies has surpassed $2 trillion.

Their ascent coincides with Goldman Sachs, an American global investment bank and financial services firm, becoming the first major U.S. bank to make an over-the-counter cryptocurrency exchange. The firm traded a non-deliverable Bitcoin option, a cash-paying derivative linked to Bitcoin’s price.

Cardano’s strong growth could be attributed to its thriving decentralized finance (DeFi) ecosystem, which just surpassed $400 million in total value locked.

Conclusion

The entire value locked on the Cardano network “is moving into the billions soon,” according to a well following Cardano whale, as additional projects are built on top of it, with alternatives to decentralized money marketplaces such as Compound and Aave being “queued up.”

Total Value Locked (TVL) for a DeFi protocol, according to Binance Academy, is the total amount of funds locked inside that protocol. “The TVL locked in Ethereum projects is often quantified in ETH or USD,” for example.

Read More: Fed Chair Powell’s Hawkish Stance on Inflation Could Hurt Crypto

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